Elasticity and Incentives Quiz 100% Accurate
Which statement best describes incentives?
a. Incentives are mostly positive.
b. Incentives are mostly negative.
c. Incentives can be positive or negative.
d. Incentives are neither positive nor negative.
c. Incentives can be positive or negative.
A pair of stylish sneakers could be considered a ____because it is not a
necessity.
want
In economics, if a good is inelastic,
a. consumers have lost an interest in purchasing it.
b. producers have lost an interest in manufacturing it.
c. its supply or demand is too sensitive to price changes.
d. its supply or demand is not sensitive to price changes.
d. its supply or demand is not sensitive to price changes.
The government has set a price floor on bread. Manufacturers cannot sell loaves
for less than $5.00, which is a dollar above the market price.What will most likely
result from this price control?
a. The quantity demanded for bread will decrease, and the quantity supplied will
increase.
b. The quantity demanded and quantity supplied for bread will increase.
c. The quantity demanded for bread will increase,and the quantity supplied will
decrease.
d. The quantity demanded and quantity supplied for bread will decrease.
a. The quantity demanded for bread will decrease, and the quantity supplied will
increase.
The graph shows the price of a good compared to the quantity supplied.
This graph demonstrates how
a. the amount produced slightly changes with the price.
b. the amount produced greatly changes with the price.
c. the amount consumed slightly changes with the price.
d. the amount consumed greatly changes with the price.
b. the amount produced greatly changes with the price.
Price controls on goods can be set by
a. consumers.
b. economists.
c. governments.
d. producers.
c. governments.
A(n)_____ is a reward or punishment that encourages people to behave in certain
ways.
incentive
Which statement best describes incentives?
a. Incentives are mostly positive.
b. Incentives are mostly negative.
c. Incentives can be positive or negative.
d. Incentives are neither positive nor negative.
c. Incentives can be positive or negative.
A pair of stylish sneakers could be considered a ____because it is not a
necessity.
want
In economics, if a good is inelastic,
a. consumers have lost an interest in purchasing it.
b. producers have lost an interest in manufacturing it.
c. its supply or demand is too sensitive to price changes.
d. its supply or demand is not sensitive to price changes.
d. its supply or demand is not sensitive to price changes.
The government has set a price floor on bread. Manufacturers cannot sell loaves
for less than $5.00, which is a dollar above the market price.What will most likely
result from this price control?
a. The quantity demanded for bread will decrease, and the quantity supplied will
increase.
b. The quantity demanded and quantity supplied for bread will increase.
c. The quantity demanded for bread will increase,and the quantity supplied will
decrease.
d. The quantity demanded and quantity supplied for bread will decrease.
a. The quantity demanded for bread will decrease, and the quantity supplied will
increase.
The graph shows the price of a good compared to the quantity supplied.
This graph demonstrates how
a. the amount produced slightly changes with the price.
b. the amount produced greatly changes with the price.
c. the amount consumed slightly changes with the price.
d. the amount consumed greatly changes with the price.
b. the amount produced greatly changes with the price.
Price controls on goods can be set by
a. consumers.
b. economists.
c. governments.
d. producers.
c. governments.
A(n)_____ is a reward or punishment that encourages people to behave in certain
ways.
incentive
